Ross Levine and David Renelt’s (LR) paper [1992] investigate the “robustness” of the relationship between growth, investment, and variables of interest using Leamer’s [1985] Extreme Bounds Analysis (EBA). LR claim that few economic variables have a robust relationship with either long-run...

The link between business cycle volatility and the long-run growth rate has received increasing attention in the literature over the last ten years. Yet neither is there a theoretical consensus nor consistent empirical evidence that would lead us to believe the relationship is positive, negative...